version 16.0
clear all
set more off  

set mat 11000
set maxvar 11000 
capture log close 



use "validation_data.dta", clear




sort gvkey year 
		
tsset gvkey year 

/* cul1 */

reg WorkforceScore tone_cul1 l1size l1roa, cluster(gvkey)

xi: areg WorkforceScore tone_cul1 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

reg gd_rating_overall tone_cul1 l1size l1roa, cluster(gvkey)

xi: areg gd_rating_overall tone_cul1 l1size l1roa i.year, absorb(ff12) cluster(gvkey)


/* cul2 */

reg complaints tone_cul2 l1size l1roa , cluster(gvkey)

xi: areg complaints tone_cul2 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

reg brand_value tone_cul2 l1size l1roa, cluster(gvkey)

xi: areg brand_value tone_cul2 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

/* cul3 */

reg lnpatent tone_cul3 l1size l1roa, cluster(gvkey)

xi: areg lnpatent tone_cul3 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

reg rd_asset tone_cul3 l1size l1roa, cluster(gvkey)

xi: areg rd_asset tone_cul3 l1size l1roa, absorb(ff12) cluster(gvkey)

/* cul4 */

reg restate_neg tone_cul4 l1size l1roa, cluster(gvkey)

xi: areg restate_neg tone_cul4 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

reg stdret tone_cul4 l1size l1roa, cluster(gvkey)

xi: areg stdret tone_cul4 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

/* cul5 */

reg roa tone_cul5 l1size l1roa, cluster(gvkey)

xi: areg roa tone_cul5 l1size l1roa i.year, absorb(ff12) cluster(gvkey)

reg salegr tone_cul5 l1size l1roa, cluster(gvkey)

xi: areg salegr tone_cul5 l1size l1roa i.year, absorb(ff12) cluster(gvkey)
